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| ORLANDO MORTGAGE |
HOME |
| CAMPBELL PROJECT (update 2/15/03) |
UPDATE |
| Partnership Formed: |
Orlando Mortgage, LP (3524018) |
| Loan Status: |
Performing |
| Borrower / Developer: |
VanPelt-Deroshes, Ltd. |
| Develop / Project Stage: |
Loan is for the development and replating of lots and not the construction of homes. Loans must be subordinated to the construction loans for the home construction. The proceeds of the loan paid to the borrower were used to plat and build the u-shaped subdivision of 5 homes. The land was zoned residential and could not be rezoned commercial for the borrower's original use. The street construction, replat and site clearing are 100% completed. The site grading and fill is 80% complete. The brick fencing and gates are 25% completed and the wood perimeter fence is completed. Underground utilities are far along but not substantially complete. No landscaping. |
| Project Name: |
Campbell Road Project |
| Property Address: |
Unknown |
| Guarantor: |
William H. Van Pelt, IV; Rod L. DeRoshes; Marc Deer; Richard Rolland |
| Loan Funding Term: |
Unknown |
| Original Loan Amount: |
$700,000 |
| Principal Balance: |
$492,663.00 |
| Stage Funding Due: |
Unknown |
| Title of Property: |
VanPelt-Deroshes, Ltd. |
| Lien: |
1st lien held by Orlando Mortgage, LP subject to subordination of the construction financing to be obtained by the construction lender. See Loan Agreement 6.14(d) and 8.22 which both provide for the lender's subordination without release of lien and payment on the first lien claim. There is no definition of what lender must subordinate to and no statement of the approved construction for the site to ensure lender approval. There is no requirement for the first lien to be paid until the sale of a home and the first lien must be paid. In any event, the loan even if subordinated must be paid in full by 1/2/03. |
| Advances by Premiere: |
None |
| Exit Strategy: |
Sale of lots |
| General Partner: |
Washington Advisors GP, LLC |
| Loan Maintenance by: |
Washington Advisors GP, LLC |
| Description of Prop: |
1102-1114 Campbell Road, Houston, TX 77005; will be future addresses on Cardwell Court; 5 lot residential subdivision, replat of lots 2, 3, 4, and 5 of Block 2 of Bonnie Oaks, Spring Valley 1.39 acres total; east side of Campbell road one lot south of the intersection of Bace and across the stre3et from the Spring Valley City Hall.
2/15/03 Orlando Mortgage loan is performing and is due to pay off in April 2003. There has already been a paydown of over $150,000 of the original $642.663 loan.
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Photo of Property, if available:
Notice: The information contained in this summary has been acquired by several sources; there are no warranties expressed or implied as to its accuracy and completeness. All information should be independently verified. Nothing contained on this site should be construed as legal advice. If you have legal issues, you should consult an attorney.
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